Startup Tips for Young Entrepreneurs
As a young startup, it is important for you to understand some of what you will be getting yourself in for. While each entrepreneurial “journey” can be quite different, following a basic set of hints and tips will give you a better chance of success. Here are a couple of ideas to help you on your way:
1. Be Inspired and Learn from Others’ Mistakes
What doesn’t kill you makes you stronger. . . learn from others’ mistakes, then learn from them.says, “African entrepreneurs should learn from failure, not the success.”
2. Get Some Experience
Understand your market and target audience. If you want to sell bread, make sure you know not only what type of bread people buy, but how it is made and when the optimum time to sell is. Work in the industry you want to sell in. If possible, get an internship placement there so you can get close to the people there. The first-hand experience is crucial for your startup.
3. Understand Your Customer
Most Importantly! Have you actually talked to potential customers? How do you know your startup idea is good? Or have you assumed you know what they think? The only way to know if your startup idea is saleable is to ask complete strangers if they would pay for your product. Make surveys within key areas of your target market. Look for potential customers, and ask.
4. Learn About Your Competition (If Any)
Who else is out there doing what you’re about to do? Find their strengths, find their weaknesses and exploit them. Refer to the economics studied a few years back, that’s in case you did. If not, look up the SWOT Analysis? Find your niche.
5. Draft a Startup Business Plan
It doesn’t necessarily have to be super formal, but at least go over each aspect of your startup idea to ensure you have covered all the important parts. Business model canvas can help you with this.
6. Find a Mentor
Find someone who has been there, done that, and lived to tell about. Mentors can be extremely valuable, and many entrepreneurs are more than willing to offer advice to a young startup.
7. Start Small, Think Big
Start small. Work from home, or from a free co-working space. Boot strap (raise money from friends and family only) first, and for as long as you can. Don’t hire until you have to.
8. Be Cautious
Make sure to save for a rainy day (a time of need or trouble). Just because you have sales today doesn’t mean there will be sales tomorrow. Forward plan and ensure you put money back into the business for when you need it.
9. Learn for Free
Find places where you can learn the basics of business. There are many places online, which provide this sort of service, you can google the topics you need or simply join a free online course for extra learning and support.